NEW $500 Credit for OTHER DEPENDENTS
You may have heard about the recent Tax Cuts and Job Act (TCJA). This act has led to a number of changes that will affect taxpayers like you.
The TCJA decreased the number of personal exemptions one could take. To make up the difference, the Child Tax Credit was expanded. The credit amount and income limitations were both raised.
What does this mean for you?
Taxpayers with qualifying children that meet the income thresholds will see an increase in the amount of child tax credit they normally get.
Taxpayers with NO qualifying children may now qualify for the “Other dependents” credit. Think about the aging parent you weren’t previously able to get a credit for. Under the new TCJA you will receive an additional $500 credit for these dependents.
For more information about the new Tax Cuts and Jobs Act and how it affects you, schedule a call.
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